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BlackRock CEO Predicts Bitcoin Could Hit $700,000
On January 23, 2025, at the World Economic Forum in Davos, BlackRock CEO Larry Fink suggested that Bitcoin could reach a price of $700,000 if concerns about currency debasement and economic instability persist. Fink explained that small investments of 2% to 5% by sovereign wealth funds and asset managers could significantly drive Bitcoin’s value. He emphasized that Bitcoin offers a way to address fears about currency devaluation and political instability but clarified that he was not actively endorsing the cryptocurrency.
Bitcoin’s price recently dropped to $103,780 from its earlier peak of $109,000 this year, but investor interest remains strong. BlackRock, one of the world’s largest asset managers, has significantly increased its exposure to Bitcoin. Its iShares Bitcoin Trust now holds 559,262 BTC, valued at around $58.51 billion. The company recently made a $600 million Bitcoin purchase, signaling confidence in the cryptocurrency’s potential.
There is growing speculation that sovereign wealth funds are also considering Bitcoin as a portfolio diversification tool. Concerns about inflation have further fueled interest in Bitcoin. The Consumer Price Index (CPI) for 2024 showed annual inflation at 3.2%, slightly below expectations. However, some analysts argue this figure understates the real impact of inflation.
Fink also expressed caution about assuming inflation levels have peaked. He pointed to data from TradingView on the M2 money supply, which tracks the amount of USD in circulation, as evidence of continued inflationary pressures. Market indicators, including the Relative Strength Index and MACD, suggest that Bitcoin’s price momentum remains strong, although a short-term retest of the $100,000 level is possible.
Despite Bitcoin’s volatility, predictions about its future remain optimistic. Industry figures like Tom Lee have forecasted prices as high as $250,000 by the end of the year. Fink’s $700,000 projection reflects a broader confidence in Bitcoin’s ability to address economic instability.
